本研究主要為探討台灣股票市場是否符合Lee and Swamina-than (2000)所提出的動能生命週期假說，因為在動能策略以及動能生命週期之研究中，目前國內文獻缺乏對於產業類別的研究，因此本研究將探討台股市場下的不同產業，其在長、短期下的獲利情形，以及各種動能投資策略的試用時機。
動能效果指的是股票的報酬率有持續性的現象，也就是過去漲的股票會繼續漲，過去跌的股票會繼續跌。動能表現的預測不僅是分析師研究的重點方向，同時也是法人常用來推估股價走勢的指標，更是大多數投資人競相研究的一項議題。
This research mainly discusses the momentum life cycle hypothesizes proposed
by Lee and Swaminathan (2000), in order to probe into the stock market of Taiwan.
Since there is little domestic literature studying different industries in Taiwan by the
analysis of the momentum strategy and momentum life cycle, this research focuses on
different industries in the stock market of Taiwan, the profit-making situation under
long and short terms, and the opportunities on the probation of different investment
momentum strategies.
The momentum effect reveals the stock returns have a lasting phenomenon in
the rate of returns of the stock. The stock rose in the past may rise continuously, and
the stock that fell in the past may also fall continuously. The prediction of the momentum
displays is not only a main object for many analysts, but also an indicator for legal
personalities to estimate the tendency of the stock price. Moreover, it becomes an
important topic for many investors today.
